(Sharecast News) - Investment company FastForward Innovations has participated in the £2.1m issue of convertible loan notes by research-led cannabis healthcare company CiiTech, it announced on Tuesday.
The AIM-traded firm said it took £0.18m of the issue, funding its investment in the 24-month notes through its existing cash resources.
It said the notes were being issued ahead of CiiTech's intended reverse takeover by the London-listed Fragrant Prosperity Holdings, which was first announced on 24 May.
CiiTech would use the capital raised via the convertible loan notes to fund its marketing strategy, invest in new talent, build essential operational infrastructure to support future growth, and finance the intended reverse takeover.
"CiiTech is an established company with an outstanding reputation as a consumer-facing brand-builder, while being dedicated to medical cannabis research," said chief executive officer Ed McDermott.
"We are delighted to have made this investment alongside other professional and ultra-high-net-worth investors, again broadening our exposure to the cannabis and wellness industry.
"CiiTech has a diverse portfolio of healthcare brands each producing quality medical cannabis products to fit the ever-expanding market demand for them."
At 1455 BST, shares in FastForward Innovations were down 0.49% at 8.11p.
23 Jul 2018 11:20
FastForward makes biggest investment to date in Factom
(Sharecast News) - FastForward Innovations has executed a 'simple agreement for future equity (SAFE agreement) with investee company Factom, it said on Monday, under which it has advanced $6m to Factom, which would be converted at a future date at a 25% discount to the price of Factom's proposed Series B fundraising.
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